Q: Which sectors are contributing most to the slowdown?
A: Several major segments are losing momentum, including commodities, tokenized US Treasuries, stocks, and asset-backed credit.

Q: Why are these segments slowing down?
A: Tokenized commodities like gold are tied to underlying asset prices, which have stagnated. Meanwhile, demand for tokenized US Treasuries appears to be stabilizing after strong initial adoption.

Q: Is this a negative signal for the market?
A: The data suggests a shift from rapid expansion to a more stable growth phase. This “normalization” phase may indicate a maturing market rather than a collapse, with future direction depending on broader adoption and capital inflows.